The British court extended the judicial custody of diamond trader Nirav Modi, the main accused in the Rs 14,000 crore scam from Punjab National Bank, till August 6. Nirav is fighting a legal battle in a British court against extradition to India. Scotland Yard was arrested from London in March last year after India was declared a fugitive in a money laundering case.
Nirav Modi was presented via video link to Emma Arbuthnot, a judge of the Westminster Magistrate Court in London. Judge Arbuthnot said, feeling good seeing you better. He then extended Nirav’s custody till 6 August. Nirav has been in Wandsworth Prison since his arrest last year. A second round of hearing will be held against him on September 7, till then he will be presented through a call-over hearing.
Nirav Modi was seen making and taking notes while the trial was going on of the court proceedings from the Wandsworth Prison. The first part of the case focused on establishing a prima facie case against him but the schedule had to be re-timetabled as the government of India submitted a further set of documents as “corroboratory evidence”.The judge allowed the additional evidence to be introduced but agreed that Nirav Modi’s defence team would require enough time to “digest” them.
The charges against the jewel shipper base on his organizations Diamonds R Us, Solar Exports and Stellar Diamonds utilizing a credit office offered by the Punjab National Bank (PNB), known as “letters of undertaking” (LoUs). Nirav Modi’s group has looked to counter the claims of extortion by ousting observers to build up the instability of the diamonds exchange and that the LoUs were standard practice.